Teachers Retirement 401(a)

The Teacher’s Retirement plan is a defined benefit plan. Eligible employees who were a member of Teacher's Retirement prior to January 1, 2013 (Tier 1) must contribute 7.5% monthly tax sheltered contributions up to the annual earnable compensation maximum. Eligible employees who were a member of Teacher's Retirement January 1, 2013 or later (Tier 2) must contribute 6% monthly tax sheltered contributions up to the annual earnable compensation maximum. The salary cap only applies to employees hired on or after July 1, 1996.

Teacher's Retirement provides Tier 1 members retirement income at age 60 with 10 years or more of participating Teacher's Retirement service, or at any age with 25 years of participating Teacher's Retirement service. Tier 2 members are provided retirement income beginning at age 62 with 10 years or more of participating service. Should you terminate your service before qualifying for retirement benefits, contact the Benefits Office for counseling and/or to apply for a refund of your accumulated contributions.

You may also review the TRS Member Handbook (Tier 1 or Tier 2) published by Teacher's Retirement for complete details of the plan.

Voluntary

403(b) Plan

The 403(b) plan is a voluntary, defined-contribution, tax-deferred as well as Roth after-tax plan governed by the Internal Revenue Code 403(b). Eligible employees can choose between both TIAA and VALIC for investments. Vesting in the 403(b) plan is immediate.

The University matches the individual’s contributions up to 5% of gross monthly pay not to exceed the IRS 401(a) annual compensation (salary cap) limit. The salary cap only applies to employees hired on or after July 1, 1996. Eligibility for matching is limited to full-time regular monthly paid employees and those biweekly paid employees grandfathered by FLSA changes.

457(b) Plan

UAB also offers a voluntary, defined-contribution, tax deferred as well as Roth after-tax plan governed by Internal Revenue Code 457(b). Similar to the 403(b) plan, the 457(b) plan offers the same expanded investment options, convenient payroll deductions, pre-tax as well as Roth after-tax contributions, and tax-deferred growth through both TIAA-CREF and VALIC. There are no University matching contributions under this plan.

TIAA : TIAA offers the individual a choice as to the distribution of the total deposit to be placed in TIAA (fixed annuity) or CREF (variable annuity). Investment options also include non-proprietary mutual funds. Please visit their website to view their current schedule and request an appointment, or call them at 1-800-842-2003.*

VALIC : Valic offers the individual a choice as to the distribution of the total deposit to be place in non-proprietary mutual funds as well as a fixed interest account. Please call 1-800-448-2542 or contact a member of the local service advisor team.* Eligible employees who wish to enroll in the 403(b) and/or 457(b) plans, or adjust payroll deductions may do so at myretirementmanager.com/?uab.

UAB Hospital Management, LLC Retirement Program

Voluntary 403(b) Plan

The 403(b) plan is a voluntary, defined-contribution, tax-deferred as well as Roth after-tax plan governed by Internal Revenue Code 403(b). Eligible employees can choose between both TIAA and VALIC for investments. Employees are vested after 3 years of employment within the LLC.

The University matches the individual's contributions up to 5% of gross monthly pay not to exceed the IRS 401(a) annual compensation (salary cap) limit. The salary cap only applies to employees hired on or after July 1, 1996. Eligibility for matching is for all full-time and part-time regular, three twelve-hour shift, and weekend staff employees.

TIAA: TIAA offers the individual a choice as to the distribution of the total deposit to be placed in TIAA (fixed annuity) or CREF (variable annuity). Investment options also include non-proprietary mutual funds. Please visit their website to view their current schedule and request an appointment, or call them at 1-800-842-2003.*

VALIC: Valic offers the individual a choice as to the total distribution of the total deposit to be place in non-proprietary mutual funds as well as a fixed interest account. Please call them at 1-800-448-2542 or contact a member of the local service advisor team.* Eligible employees who wish to enroll in the 403(b) plan or adjust payroll deductions may do so at myretirementmanager.com/?llc.

*TIAA and VALIC representatives are on the UAB campus for individual counselling appointments.

UAB is an Equal Opportunity/Affirmative Action Employer committed to fostering a diverse, equitable and family-friendly environment in which all faculty and staff can excel and achieve work/life balance irrespective of, race, national origin, age, genetic or family medical history, gender, faith, gender identity and expression as well as sexual orientation. UAB also encourages applications from individuals with disabilities and veterans.